ECON 2020 Midterm: exam 1 fink

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auburngenius

21 Feb 2023

School

Auburn University

Department

Economics

Course

ECON 2020

Professor

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Document Summary

Directions: read each question and every possible answer very carefully. Use the following demand and supply schedules to answer question 1. Use the following figure to answer questions 5 8. ; 1000: ; 800, ; 1000, ; 500, ; 800, equilibrium occurs in this market at a price of ____ and quantity of _____ units. A. a surplus: protection from imports, a shortage, a and b only, b and c only. Use brick"s supply of hand grenades to answer questions 12 - 13. A. supply decreases: there is a shortage at the old price, equilibrium price decreases, equilibrium quantity decreases, i"m ron burgundy? , wes mantooth is getting ready for news team poker night at his apartment. If he wasn"t having poker night, then he could have made working the late night news broadcast. He spent on cigars, on snacks, and on drinks.

Related Questions

1, Eggs and bacon are complements. A decrease in the price of eggs would cause which of the following in the market for bacon?

a) The equilibrium price and quantity of bacon would increase.

b) The equilibrium price and quantity of bacon would decrease.

c) The equilibrium price and quantity of bacon would increase and the equilibrium quantity would decrease.

d) The equilibrium price of bacon would decrease and the equilibrium quantity would increase.

2) A movement to along the demand curve to the right may be caused by

a) a rise in income

b) an increase in supply

c) a fallin the price of a substitute good.

d) a rise in the price of inputs

3) Apples and organes are substitute goods. A freeze in Florida destroyed a good portion of orange crop. Ceteris Paribus

a) the price of both apples and oranges will increase

b) the price of both apples and oranges will fall

c) the price of oranges will increase and the price of apples will fall

d) the price of oranges will fall and the price of apples will increase

cyanserval791

Use the following information to answer the next 4 questions. The diagram below reflects supply and demand in the market for Sprockets. $/Sprocket 10 20 30 40 80 100 120 Sprockets 8. Absent any government intervention, what would be the equilibrium price and quantity of Sprockets? (a) The equilibrium price would be $4 per Sprocket and the equilibrium quantity would be 40 Sprock- ets. (b) The equilibrium price would be $40 per Sprocket and the equilibrium quantity would be 40 Sprockets. (c) The equilibrium price would be $40 per Sprocket and the equilibrium quantity would be 4 Sprock- ets. (d) The equilibrium price would be $4 per Sprocket and the equilibrium quantity would be 4 Sprock- ets.

1.Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will ______ the quantity supplied, causing the price of tree cutting/removal services to ______.

A. equal; remain unchanged

B. be less than; rise

C. exceed; rise

D. decrease; fall

2.The question of who pays the greater amount of a commodity tax is determined by:

A. Congress.

B. the President of the United States.

C. the relative elasticities of demand and supply.

D. the individual who writes the check for the tax.

3. Suppose that the equilibrium price in the market is $10. If the current market price is $7.50:

A. the equilibrium price will fall to $7.50.

B. competition among buyers will increase the current price.

C. the current price will fall below $7.50 as sellers compete for market share.

D. There is not enough information provided to answer the question.

ECON 2020 Midterm: exam 1 fink

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